PKO BP subordinated bond

Project number:


Approval date:

18 Jul 2017



PSD disclosed:

29 Aug 2017

Translated version of this PSD: Polish

Project Description

Investment in Polish zloty-denominated subordinated bonds in an amount of PLN 91.4 million (EUR 21.4 million) as part of a total aggregate issuance of PLN 1.7 billion (EUR 400 million) issued by PKO Bank Polski S.A. ("PKO BP"), a public company incorporated in Poland and the largest commercial bank in Poland.

Project Objectives

PKO BP has committed to allocate the equivalent of 200 per cent of the proceeds from EBRD investments in the bonds to finance loans for environmentally-friendly residential real estate refurbishments.

Transition Impact

The primary transition impact quality is derived from Green objectives, through PKO BP allocating 200 per cent of the EBRD Bond proceeds to finance loans for environment-friendly residential real estate refurbishments. The project will also support the development of the Polish Capital Market.

Client Information


PKO BP Group is among the largest financial institutions in Poland and is one of the largest financial groups in Central and Eastern Europe. PKO BP is listed on the Warsaw Stock Exchange with a market capitalization of PLN 44 billion (€ 10.2 billion equivalent) as of 23 August 2017. PKO BP had 16 per cent market share by total assets and 17.1 per cent market share by loan portfolio as of end of Q1 2017. The State Treasury is the single largest shareholder with 29.43 per cent of total capital.

EBRD Finance Summary

PLN 224,400,000.00

Total Project Cost

PLN 2,700,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014). PKO BP is satisfactorily implementing the Bank's environmental and social requirements under existing exposures in accordance with the Designated Performance Requirements 2 and 4. PKO BP will be required to report to EBRD annually on the environmental and social matters arising in relation to PKO BP and the Project and the compliance with the Designated Performance Requirements.

Technical Cooperation


Implementation Summary

EBRD’s financing supported PKO BP in raising qualifying capital through the issuance of a local market MREL compliant Tier 2 bond.

This assisted PKO BP in meeting prudential capital ratios, future MREL requirements, diversification of the funding base and improved maturity matching.
The final reported CO2 savings of the project are 65,800 tCO2/year (vs. 31,500 in Board document) and 162,380 kWh/year (vs. 90,000 in Board document), in excess of the initial benchmarks.

Company Contact Information

Lidia Wilk
+48 22 521 91 82


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